v3.26.1
Reportable Segment
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Reportable Segment Reportable Segment
The Company operates as one operating segment and therefore one reportable segment, focused on integrated solutions to customers based on its proprietary technology. The determination of the Company’s reportable segment is
consistent with the financial information regularly reviewed by the chief operating decision maker (“CODM”) for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. The Company’s chief operating decision maker is its Chief Executive Officer.
The Company’s single operating segment generates revenues from its three business lines: (1) biorefining, (2) JDA, contract research, and (3) CarbonSmart sales, all of which share the Company’s technology platforms, research and development infrastructure, and operational resources. Operations and strategies are centralized across the business lines and geographic regions. While the Company operates in various countries, its financial results and operations are viewed on a global basis.
The CODM primarily uses revenue and net income (loss) as reported on the consolidated statements of operations, as the measure of profit or loss to allocate resources during the annual budget and forecasting process. The CODM also uses consolidated net income (loss), along with financial and non-financial inputs, to evaluate the Company’s performance, and make strategic decisions related to headcount and capital expenditures on a consolidated basis.
The measure of segment assets is reported on the balance sheet as total assets. The CODM does not review segment assets at a level other than that presented in the Company’s consolidated balance sheets. The table below presents the Company’s consolidated operating results including significant segment expenses:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Consolidated Revenues
$9,014 $9,084 $21,034 $18,567 
Less
Consolidated Cost of Sales
7,212 6,230 15,503 13,743 
Salaries and benefits expenses1
8,274 15,517 17,573 33,180 
External service providers1
1,782 13,266 5,331 22,850 
Other Operating expenses (net of recharges)
1,619 6,312 2,311 12,088 
Net loss from operations
$(9,873)$(32,241)$(19,684)$(63,294)
Other income (expense), net207,091 3,077 206,772 21,433 
Loss from equity method investees, net
(12,913)(3,335)(17,462)(9,867)
Net income (loss)$184,305 $(32,499)$169,626 $(51,728)
(1) Includes those salaries and benefits and external service providers expenses associated with cost of sales.
For disaggregation of the Company’s revenues by customer location and contract type, see Note 4 — Revenues and for major customers, see Note 2 — Summary of Significant Accounting Policies.